The crypto sector has recently taken another turn. With markets falling and investors fearing capital losses, bitcoin is far from obsolete. In South Africa, a radio presenter has been accused of a bitcoin scam and the latter is threatening to take legal action against his detractors.
Mogale and the bitcoin scam… Case to follow
Bitcoin seems to be deciding to stay in the news. For many years, it has sworn investors. But as markets fall, so does his reputation. For better or worse, for sure, let’s talk about it! For some people, this crypto asset is the key to financial independence. But when we see all the stories that revolve around it, we are tempted to question it.
The BTC price has attracted a motley crowd since its inception. However, institutions find it difficult to trust and accept it. Why? Due to the lack of regulation. More and more institutions are talking about and expressing their hostility. No decision has been made yet, however. The quasi-freedom of the crypto flagship has many consequences, including the bitcoin scam.
Sebasa Mogale, a successful serial actor and radio presenter, has been accused of fraud by investors. In fact, the latter would have launched an investment program in bitcoins and would have defrauded the money of its members. The latter denies any charges and threatens to take the case to court. And yet, according to information obtained by the police, the latter would have indeed collected this money. The investigation is currently underway and the Attorney General will soon decide how to proceed.
This is not the first time we talk about a bitcoin scam. In fact, there was a similar case in 2021 of a teenager allegedly involved in fraud involving 2.5 million euros from his bedroom. There are many other scenarios and all this makes bitcoin vulnerable. The misuse of crypto undermines its reputation and frightens token holders.
Allegations without evidence, should we take it into account?
Allegations of bitcoin scams have erupted from the cryptocurrency explosion. Truth or allegations? No one knows. When an industry is booming, it’s common to hear such things. More and more people are trying to get signals and do so in every way. With the high price of the flagship cryptocurrency, people with bad intentions are tempted to do illegal things to get a hold of it and make money.
In Mogale’s case, he denies all charges and argues that it is a slander. According to Lesedi Mphahlele, his legal representative, these complaints are aimed at tarnishing his reputation and defamation. He invites anyone to prove that his client has received this money. For him, the complainants did not understand how the company works. According to him, Mogale is a network marketer who did not force anyone to join his program.
While the accused defends his own teeth and nails, the plaintiffs do not dismiss the case. The alleged victims allege that he indeed tricked them. The amount of the alleged losses amounts to almost 50 thousand dollars. From the words of the accused, he does not recognize any fraud since everyone who entered his program has full access to all of their accounts.
As the flagship encryption project faces a historic fall in price, it is also undergoing fraud cases. Mogale denies all allegations of a so-called bitcoin scam. This does not end the debate, however. In fact, bitcoin has already been mentioned repeatedly in such cases and the repetition becomes alarming. What measures should be taken to deal with this phenomenon?
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The world is changing and adaptation is the best weapon to survive in this turbulent universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and share an interesting field for me, there is nothing better than writing informative and reassuring articles at the same time.